Vivint Solar books Q1 net profit on 209% revenue jump
Image by Twitter, @VivintSolar
US residential solar company Vivint Solar (NYSE:VSLR) on Tuesday reported a net profit available to common stockholders of USD 13.3 million (EUR 12.2m) for the first quarter of 2017, against a loss a year earlier.
In the same quarter of 2016, the company recorded a net loss of USD 31.2 million, including a goodwill impairment of USD 36.6 million. On a non-GAAP basis, net loss narrowed to USD 55.5 million in the 2017 first quarter from USD 69 million a year back.
Revenues jumped 209% year-over-year to USD 53.1 million, with operating leases and incentives revenue rising 83% to USD 30.4 million. Revenue from solar energy system and product sales was USD 22.7 million, compared to just USD 652,000 in the prior-year period.
Over the quarter, estimated retained value increased by about USD 71 million to some USD 1.4 billion.
Vivint Solar installed about 46 MW in the period, at the upper end of its guidance. Of that, 77% were installed under power purchase agreements (PPAs), 4% under solar leases and 19% were system sales. The company has been gradually increasing the share of system sales since the first quarter of 2016.
In the first three months of 2017, the megawatts booked reached 52 MW. Cost per watt was reduced to USD 2.98 from USD 3.08 in the previous quarter and USD 3.34 in the first quarter of 2016.
In the second quarter of 2017, Vivint Solar expects installations to range between 44 MW and 48 MW, and cost per watt to be in the region of USD 2.95-3.05.
Key Q1 figures are in the table below:
Loss from operations
Net profit available (loss attributable) to common stockholders